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Crypto Trends

Bitcoin ETFs Shed $645M This Week as Wall Street Retreats Ahead of Powell Speech

by admin August 20, 2025



In brief

  • Bitcoin ETFs recorded $645 million in outflows across two days, with Fidelity’s FBTC leading redemptions Tuesday at $246.9 million.
  • Analysts attributed the outflows to investors de-risking ahead of Fed Chair Powell’s Jackson Hole speech.
  • The selloff reverses a $4.7 billion inflow streak from mid-July to early August, though analysts characterize the movement as tactical positioning rather than institutional capitulation.

Bitcoin exchange-traded funds bled $645 million over two trading sessions as institutional investors pulled capital from crypto markets, a major reversal since the digital asset’s summer rally began stalling.

Bitcoin ETFs saw $121.7 million in outflows on Monday and $523.3 million on Tuesday according to Farside Investors data, while Ethereum funds mirrored the weakness with $196.6 million and $422.2 million withdrawn on the same days.

Fidelity’s FBTC led the exodus with $246.9 million in redemptions, while Grayscale’s GBTC shed $115.5 million and Bitwise’s BITB lost $86.8 million across the two-day period.

Investors derisking ahead of Powell speech

Illia Otychenko, lead analyst at CEX.IO, told Decrypt that spot Bitcoin ETFs are seeing outflows as investors “scale back risk ahead of the Jackson Hole meeting and Jerome Powell’s speech on Friday.”

The latest withdrawals break momentum from mid-July through early August, when Bitcoin ETFs saw $4.7 billion in inflows at roughly $135 million a day.



Otychenko attributed the selling to weak job growth combined with mixed inflation data that “left the Fed in a difficult spot, leaving the markets more uncertain about the path of future rate cuts.”

Net Taker Volume, which tracks whether buyers or sellers dominate exchange activity, plummeted to its “lowest point since December 2021,” indicating widespread selling pressure, he said.

The analyst noted that Bitcoin’s rallies since March have followed a weakening pattern, with “each breakout weaker, with smaller price moves and lighter trading volume.”

Dean Chen, analyst at Bitunix, shared similar sentiment, telling Decrypt the outflows stem from two main drivers: macro de-risking as “U.S. PPI came in hotter than expected” and issuer-level profit taking ahead of Powell’s Jackson Hole speech.

He noted that BlackRock’s IBIT recorded zero flow, which “tells us this is more tactical de-risking than broad institutional exit.”

Konstantin Anissimov, global CEO of Currency.com, also remarked to Decrypt the outflows represent “a broad de-risking move rather than a problem with any single ETF.”

He pointed out that redemptions shifted from BlackRock and ARK on Monday to Fidelity, Grayscale, and Bitwise the following day, showing “investors across the board are taking some chips off the table.”

Despite the substantial ETF outflows, Bitcoin’s price is down just 1.5% on the day according to CoinGecko data, which Anissimov attributed to buyers using “$32 billion in stablecoin cash sitting on exchanges” to absorb the selling.

He characterized institutional sentiment as “cautious right now, but not panicked,” calling the movement “short-term profit-taking” rather than a fundamental shift.

Markets now enter a critical waiting period as Powell’s address approaches, with institutional flows likely to remain volatile until monetary policy clarity emerges.

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french kick streamer jean pormanove
Esports

Kick bans streamers involved in Jean Pormanove broadcasts as France vows “justice”

by admin August 20, 2025



Kick has responded to the death of French streamer Jean Pormanove by banning co-streamers involved in his controversial broadcasts.

On August 18, 46-year-old Raphaël Graven, better known online as Jean Pormanove, died in his sleep while streaming on Kick.

In the days leading up to his death, he was reportedly subjected to “ten days and nights of torture” from fellow streamers Naruto and Safine. The alleged abuse included extreme violence, sleep deprivation, and forced ingestion of toxic products.

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A day later, French authorities opened a judicial investigation. Clara Chappaz, France’s minister for digital affairs and AI, said Pormanove had been “humiliated and mistreated for months live on Kick” and criticized the platform’s lack of intervention.

Viral clips circulating on social media show Pormanove being hit, strangled, and shot at with paintball guns while live on stream.

Instagram/jeanpormanove

Kick issues bans and launches social media review

Kick’s French account has now confirmed that all streamers who participated in the broadcasts have been banned while the company conducts its own internal investigation.

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“We are committed to fully cooperating with the authorities in this process,” the platform said.

The company also announced it had ended its collaboration with its former French social media agency after facing backlash for posts that used images of Pormanove to promote merchandise. Kick says it is conducting a full review of its French operations to prevent similar incidents.

“Our priority is to protect creators and ensure a safer environment on Kick,” the statement concluded.

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France promises justice after deadly Kick stream

The response has not silenced critics. Sarah El Haïry, France’s High Commissioner for Children, condemned Kick for failing to step in earlier.

“Platforms have an immense responsibility in regulating online content so that our children are not exposed to violent content,” she wrote on X.

Meanwhile, one of Pormanove’s accused abusers, Owen ‘Naruto’ Cenazandotti, has claimed he is now the victim of a “cyberbullying campaign.”

His lawyer announced that a complaint will be filed with the Paris Prosecutor’s Office’s cyberhate division targeting those who have harassed him since Pormanove’s death.

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Instagram/Jean Pormanove

On August 20, Minister Chappaz echoed those statements and confirmed “an investigation is underway into the alleged actions of the streamers following reports by Mediapart, conducted by the Nice judicial police service under various charges.”

“Justice will carry out its work to advance this investigation and to clarify the tragic circumstances of Jean Pormanove’s death… All platforms have the legal responsibility to remove clearly illegal content of which they are aware,” she explained.

“The largest platforms also have the new responsibility to combat systemic risks such as the protection of minors, public health, or the safety of individuals. Investigations are underway regarding some of them.”

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Kick star Adin Ross has called for “severe consequences” following Pormanove’s death. Ross also said he had spoken with rapper Drake, and together they will cover the streamer’s funeral expenses.

The situation has reignited long-standing concerns about Kick’s moderation policies. While the platform has made efforts to distance itself from controversial content in recent years, French officials are now demanding stronger safeguards in the wake of Pormanove’s death.

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GameFi Guides

Morning Minute: Ghost Month Returns – Will Bitcoin Buck the Trend?

by admin August 20, 2025



Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt. Subscribe to the Morning Minute on Substack.

GM!

Today’s top news:

  • Crypto majors are red again, down another 2%; BTC at $113,200
  • Wyoming introduces its stablecoin FRNT, first-ever from a public entity
  • Goldman Sachs says stablecoin market will hit trillions
  • Bullish holds $1B+ in stables after receiving them via IPO
  • Robinhood partners with Kalshi for NFL prediction markets

👻 Ghost Month Returns: Will Bitcoin Buck the Trend?

Ghost Month begins in 3 days.

And historically, that’s been bad news for Bitcoin.

📌 What Happened

The 7th lunar month, known as Ghost Month, kicks off this weekend (Aug 23 – Sep 20).

In many Asian cultures, it’s a time when spirits are believed to roam the earth – and when investors traditionally avoid making big financial moves.

This superstition has bled into markets, and the data backs it up:

  • Since 2015, Bitcoin has averaged a -12% return during Ghost Month.
  • Some of the worst selloffs came in 2017 (-39.8%) during China’s ICO ban, and in 2021 (-23%) following the mining crackdown.
  • Even in bull years, like 2019 and 2024, the pattern held: mid-month drawdowns of 12-19% before late recoveries.
  • On average, trading volumes dip in Asia, liquidity thins, and volatility spikes.

So far in 2025, Bitcoin has already slid about 10% from its $124K peak, with open interest dropping sharply. And notably, it’s sold off during the Korean open (~7 pm ET) every day this week.

📝 By The Numbers

Here’s a year-by-year breakdown of Bitcoin’s performance during Ghost Month since 2015.

Bitcoin has averaged -12% during Ghost Month over the past 10 years

Yeah – it’s not great.

🧠 Why It Matters

Of course, past performance is not representative of the future.

But… a 10-year sample size with similar outcomes seems telling.

The wildcard this year – Powell speaks at Jackson Hole just a day before Ghost Month kicks off.

If he signals rate cuts are coming in September, then this might be the best Ghost Month in Bitcoin’s history.

If he’s overly hawkish – there’s a good chance Ghost Month plays out.

That means choppy price action and more dips.

But there’s also a silver lining.

History suggests that while Ghost Month often delivers pain in the short term, it can also set the stage for powerful rebounds once sentiment clears (i.e. 2017 and 2021).

So these Ghost Month dips are for buying.

Now let’s just hope things don’t get too spooky…



🌎 Macro Crypto and Memes

A few Crypto and Web3 headlines that caught my eye:

  • Crypto majors were red again on the day; BTC -2% at $113,200, ETH -3% at $4,175, XRP -5% at $2.87, SOL -2% at $179.
  • OKB (+2%) and PUMP (+2%) led top movers.
  • The State of Wyoming launched its Frontier Stable Token (FRNT), the first stablecoin ever issued by a U.S. public entity.
  • Anthony Scarmucci announced that SkyBridge Capital will tokenize two of its funds on AVAX.
  • Goldman Sachs stated that the market for stablecoins is in the trillions.
  • Air Canada’s Pension Fund disclosed a $161M BTC position.
  • Trump Jr.-backed crypto treasury firm Thumzup is acquiring Dogehash Technologies, aiming to merge into a large-scale Dogecoin‑Litecoin mining operation.
  • Bullish holds $1.15 B in stablecoins after receiving IPO funds via stables (instead of fiat) primarily in USDC on Solana and RLUSD on the XRP Ledger.
  • Robinhood listed SUI for trading.

In Corporate Treasuries

  • Sharplink acquired 143,593 ETH in the past week at an average of $4,648, now holding 741k in total.
  • David Bailey’s Nakamoto announced 5,744 BTC ($679M) purchased at an average price of $118,204.

In Memes

  • Memecoin leaders are red on the day; DOGE -3%, Shiba -3%, PEPE -4%, PENGU -8%, BONK -4%, TRUMP -3%, SPX -3%, and FARTCOIN -4%.
  • LIGHT dropped 12% to $100M market cap as revenue came in at just $200k on the day (2nd behind PUMP’s $1.2M).

💰 Token, Airdrop & Protocol Tracker

Here’s a rundown of major token, protocol and airdrop news from the day:

🤖 AI x Crypto

Section dedicated to headlines in the AI sector of crypto:

  • Overall market cap down 1% to $12.5B, leaders were red.
  • FARTCOIN (-4%), VIRTUAL (-3%), TIBBIR (-3%), ai16z (-3%) & VVV (+1%).
  • MIRAI (+14%), Project89 (+13%) and Nuit (+10%) led top movers.

🚚 What is happening in NFTs?

Here is the list of other notable headlines from the day in NFTs:

  • ETH NFT leaders were mostly green; Punks -3% at 47.4 ETH, Pudgy +1% at 12.44, BAYC +1% at 11.4 ETH.
  • Meebits (+10%) and Yumemono (+18%) were notable top movers.
  • Bitcoin NFTs were mostly red or even; OMB +5%.
  • Abstract NFTs were mostly red, led by BUUMEE (+56%).

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ROG Xbox Ally Handheld Launch Date Set For October, Features Steam Deck-Style Compatibility
Game Updates

ROG Xbox Ally Handheld Launch Date Set For October, Features Steam Deck-Style Compatibility

by admin August 20, 2025



A release date for the ROG Xbox Ally has been revealed, as the handheld gaming PC will be go on sale starting October 16. Microsoft hasn’t confirmed pricing for the devices yet, but it did explain how games will be optimized for these systems. One thing to note here is that there will be two different versions of the ROG Xbox Ally–a base model and a more premium “X” handheld–so performance will vary across them.

During its Gamecom 2025 livestream, Microsoft said that the base model Xbox Ally targets a resolution of 720p, while the Xbox Ally X aims for a 1080p resolution. Both units can run in one of three modes–Silent, Performance, and Turbo–and for frame rates, games that hit certain benchmarks will receive a specific compatibility tag.

Microsoft says that it has worked with game studios to optimize thousands of games for handheld compatibility, with the overall goal here being that you can install them and start playing right away. This has resulted in two tags that will accompany optimized games, similar to Valve’s Steam Deck Verified program for its handheld gaming PC:

Handheld Optimized

Games that are ready to go with default controller inputs, an intuitive text input method, accurate iconography, clear text legibility, and appropriate resolution in full-screen mode.

Mostly Compatible

Games that may require minor in-game setting changes for an optimal experience on handheld.

Additionally, there’ll be other tags that will give you an idea of how well a game will perform on the Xbox Ally:

Should perform well on your device

  • Games that run at 30fps or above

Should perform great on your device

  • Games that run at 60fps or above

Performance check not available yet

  • Games that haven’t been tested yet

Microsoft added that more technical features will also be made available in the future, including advanced shader delivery that preloads game shaders during download. This will make games run more smoothly and use less battery power on first play. Enhancements to the docking experience for the devices are also in the works and several accessories will be released for it as well.

The company also recently spoke about how handheld consoles like the Xbox Ally tie into its next-gen console plans, as Microsoft is looking to create a broad ecosystem for players that will allow them to play their games at home or on the go.



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Earth' Finished Its First Major Arc With Action and Intrigue
Product Reviews

Earth’ Finished Its First Major Arc With Action and Intrigue

by admin August 20, 2025


The second episode of Alien: Earth ended on not just a cliffhanger; it was a cliff-jumper. A xenomorph grabbed Joe (Alex Lawther) and jumped off a ledge, sending his sister Wendy (Sydney Chandler) on a quest to rescue him. That’s where episode three picked up, and the showdown resulted in not just a fun, gross action set piece but also some tantalizing teases of where things will go the rest of the season.

Episode three of Alien: Earth is called “Metamorphosis,” and while that certainly could refer to a few big reveals at the end of the episode, it also fits into the overall show itself. This episode marks the end of the inciting spaceship crash and slides the story to a new location, while also introducing some surprising new storylines. Basically, this is the episode where Alien: Earth began its very own metamorphosis.

To set that up, the episode began in the crashed Maginot as Kirsh (Timothy Olyphant) continues to download the ship’s files and learn about what happened on board. Nibs (Lily Newmark) and Curly (Erana James) start to show frustrations over their hybrid nature, and Prodigy leader Boy Kavalier (Samuel Blenkin) tells Kirsh that he and the children are no longer on a rescue mission. They are on a collection mission and are to bring all the alien species home. He’s not going to let Weyland-Yutani have all of this mysterious cargo that literally fell into his city. Which, of course, we know is a very, very bad idea. But there kind of wouldn’t be a show without it.

After his fall at the hands of the xenomorph, Wendy finds Joe stuck to the back of a tractor-trailer. As she attempts to rescue him, he tells her it’s a trap, which is confusing. Why would the xenomorph want to trap Wendy? Is it really smart enough to do that? The answer to the second question is yes, as the xeno peeks its head into the trailer and then starts to stalk them from the roof. Wendy takes the battle to him as she stabs up into the ceiling, drawing out the xeno’s acid blood. Mayhem ensues, and just as things go quiet, the xeno stabs and grabs Joe out of the trailer and into the large hangar.

“It’s a trap!” – FX

For the second time in two episodes, Joe seems done for. But this time, Wendy takes a hook and locks it into the xeno’s inner jaw (which, as we’ve seen in other Alien movies, looks like another xenomorph). She proceeds to drag the xeno by its innards, which was just so beyond cool. Something we’ve never quite seen before. Wendy is dominating this creature, but just as she tries to trap it, it drags her into the trap with it. Again, chaos ensues, and when Joe opens the door, we see Wendy has sliced the xeno’s head clean off. But it got her too, and the scene ends with a truly unforgettable shot of the xeno, Wendy, and Joe all lying on the ground, dead or unconscious.

Meanwhile, Slightly (Adarsh Gourav) is still waiting for Wendy with the xeno eggs when Smee (Jonathan Ajayi) shows up. You can tell these two are very close, but their playful banter gets stopped quickly when Morrow (Babou Ceesay) interrupts. Last we saw Morrow, he’d captured and lost the xeno. Now he’s trying to right his wrongs. Morrow has a tense discussion with the two hybrids that piques his curiosity about what, exactly, they are. He slyly places some kind of device onto Slightly. Later, Morrow will talk to his boss, Yutani, and tell her he wants to retrieve the creatures on his own, and he’s found a way onto the Prodigy island.

With that, Alien: Earth closed the chapter of its story in the Prodigy city of New Siam. The company has cleaned up what they can from the crash, extracted all the alien creatures, and brought them back to the secret island of Neverland. As they arrive, Boy looks like a kid on Christmas morning with all the wild new species he’s now in control of. He has no problem with the fact that the others think risking a decade of research on human hybrids just to study these mysterious beings isn’t worth it. Later, when he stops by the lab for a closer look, a xeno egg starts to open, so Kirsh quickly ushers him out. Kirsh then explains, for those who might not know, exactly how a xeno comes to life. Boy responds by saying only synthetics are now allowed in the lab.

Running to a xeno. – FX

Speaking of synthetics, as Wendy is out of commission in the medical bay, Alien: Earth got to spend some time with a few of the other hybrids. First is Slightly, who we previously saw talking to Morrow on the ship. We soon learn that Morrow implanted a direct line of communication into the hybrid and is now deviously trying to get on his good side. Similarly, Curly goes to see Boy to plead her case for being his favorite of the group. She explains how she feels so much smarter and more ambitious than Wendy, who only cares about her brother. Boy seems open to the idea but is most interested in the fact that she has these feelings in the first place. Nibs, meanwhile, is looking increasingly traumatized by the fact that the eyeball octopus creature tried to pop into her body.

Eventually, Wendy wakes up. She hears something and starts to stumble through the complex towards it. As that happens, we watch as Kirsh does something every Alien movie has always talked about but never actually done: experiment on xenos on Earth. It takes some doing, but eventually, he extracts the Facehugger from the egg and then goes further to remove the xenomorph zygote from the Facehugger. The one that would’ve been implanted in someone had the Facehugger gotten out. Somehow though, the agony of this procedure extends beyond just the one Facehugger. The other eggs seem to react as well, as does Wendy. It’s almost as if she can feel the pain of the xenomorphs, and, eventually, the stress of it makes her pass out again.

Finally, Kirsh takes the xenomorph zygote and drops it in a tube with a human lung. Wendy’s brother Joe’s human lung, to be precise. Quickly, it zooms right in, ready to become a Chestburster. Prodigy will soon have its very own, fully functional xenomorph.

When is a machine not a machine? – FX

After that exciting Wendy versus xenomorph action scene, this week’s Alien: Earth was really about showing us where things are going. Wendy has an odd connection with the aliens. The other hybrids are starting to show cracks in their relationship. Morrow is trying to make friends with Slightly for some reason. And, most importantly, all of the alien creatures that Weyland-Yutani acquired on its ship for the past 65 years have now been claimed by Prodigy. That’s a lot of story to explore as we move ahead.

Assorted Musings

  • Why do we think the xenomorph tried to trap Wendy? Was it because it viewed her as a foe that couldn’t be defeated by strength alone? Or was it something more, like that it knew it had a connection to her, as teased later in the episode?
  • The man in the black rubber suit spraying the walls of Prodigy was back again this week. And, this time, we got to see him. He’s an older Asian man who likes to smoke. Why does this matter? We still don’t know, but all three episodes have shown him for some reason.
  • Did you notice that Boy Kavalier seemed to be playing with Lego when Curly came to visit him? I don’t think there’s any larger meaning behind this, but I just love that even in the future, trillionaires still love to play with Lego.
  • When Morrow is talking to Yutani, two big things happen. One, we get a sense of time, as he was expecting to talk to her grandmother. And second, he quickly dropped the information that the Maginot had been sabotaged. How? By whom?
  • After their encounter with Morrow, Slightly and Smee get questioned by Atom Eins (Adrian Edmondson), Boy’s right-hand man. He doesn’t learn much, but he does reveal that Prodigy records everything that the hybrids see, which they don’t like. That feels like a key piece of information.

What did you think of Alien: Earth episode three? Let us know below.

Want more io9 news? Check out when to expect the latest Marvel, Star Wars, and Star Trek releases, what’s next for the DC Universe on film and TV, and everything you need to know about the future of Doctor Who.



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Game Reviews

Bloodlines 2 Locks Core Content Behind Costly Day-One DLC

by admin August 20, 2025


Vampire: The Masquerade – Bloodlines 2 has been through a hell of a journey to reach us. At last night’s Opening Night Live from Gamescom, Paradox revealed the long-delayed game finally has a release date, October 21. What the publisher didn’t boast about was is that it is locking two out of the six playable clans behind paid day-one DLC, and it’ll cost you an extra $30 to unlock them. A third of the ways to play the game.

Expensive day-one DLC was once the most loathed concept in gaming. Back in 2012 it was the talk of the industry, as companies deliberately developed a chunk of the launched game with the intention of hiding it behind a further paywall, and people understandably hated it. Times moved on, and now we’re screwed over in all manner of different ways, most usually seeing significant portions of games sectioned off behind so-called “battle passes,” where we’re expected to not just pay once but to buy new ones multiple times throughout the year! Yay video games! But Paradox is kicking us old-school with Bloodlines 2 by deciding that a full third of how you can play the game will require you to fork out 50 percent of the original asking price again. The cheapest version of the game will cost you $60 on PC, but if you want to buy everything they developed for launch, it’ll cost you an extraordinary $90. Not even the $70 “Deluxe Edition” will secure you either of the missing clans. (Thanks RPS.)

A huge part of how the original Bloodlines played was based on the clan you chose at the start. It affected not just more common features like stats, but entirely changed how you approached the game. Different clans within the world treated you accordingly, missions were experienced differently as a result, and the means by which you could approach the RPG quests were all affected by who you were. Play as Brujah and you were a mighty warrior but very vulnerable to “frenzy,” where you’d fully lose control of your bloodlust. But pick a Toreador and you were a schmoozer, expert in socializing, but weakened by your inability to turn away from the truly beautiful. Clearly these made for very different experiences of the game. But now, in Bloodlines 2, if you want to be a Toreador and play that way, it’s going to cost you an awful lot more.

As the game’s own FAQ makes clear, these choices are not cosmetic.

“How will the dialogue options differ in each playthrough?” asks one of the questions. The answer:

The dialogue options differ depending on which clan you’ve chosen and what choices you’ve made throughout the story. When hunting for Blood Resonance, specific disciplines and outfit choices can also affect NPCs on the street.

It also notes that “each clan offers new, unique abilities, playstyles, and distinct outfits.” Play style seems a hell of a thing to lock to day-one DLC.

For a while, Bloodlines 2 did look to have become vaporware, after its original development under Hardsuit Labs fell apart in 2021 following its former leads being fired. Then in 2023 it re-emerged, now being developed by The Chinese Room, the studio best known for their walking sims, which has had its own turbulent few years. Given The Chinese Room only released their most recent game, Still Wakes the Deep, in June of last year, it seemed unlikely that Bloodlines 2 could be imminent. But here we are! It’s out in just a couple of months.

We’ve reached out to Paradox to ask what has motivated the decision to lock away such a significant chunk of the core game behind day-one DLC. (Although we can guess it’s at least in part, “We desperately need to recoup some of the costs of the last six years of development across two different studios under multiple different leaderships for the sequel to a game that came out in 2004.”) We’ll report back if they respond.



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Dogecoin Whales Accumulate as Short-Term Holders Capitulate: What’s Going On?

by admin August 20, 2025



In brief

  • Dogecoin whales have accumulated 300M DOGE tokens over the past week, as short-term holders sell at a loss.
  • The profitability of investors who purchased the dog-based meme token over the past 30 days hovers around 9% after the recent crypto market correction.
  • Experts suggest this capitulation is a forced transfer of wealth from weak hands to strong ones and is bullish in the long run.

On-chain data reveals that Dogecoin whales are aggressively accumulating the meme coin at a discount as short-term holders capitulate amid major fundamental developments and price reversals.

The divergence in behavior follows a series of recent key events, including a spot ETF filing and a high-profile corporate acquisition.

A capitulation event was spotted on August 15 with 271.41 million DOGE sold at a loss, according to Santiment data.

A capitulation event is when investors sell their token at a loss amid volatile price regimes.

Dogecoin experienced a 16% correction between August 13 and 14, resulting in a local bottom formation on August 15. But retail investors, often swayed by ephemeral price moves, sold their tokens at a loss on August 15.

The profitability of short-term holders who purchased Dogecoin tokens in the past month reached 9% on August 19, further highlighting the capitulation.

Over the same period, however, whales holding between 100 million and 1 billion DOGE acquired more than 330 million DOGE at a discount, bringing their total holdings to 26.73 billion.

“This looks like the community shaking out short-term price chasers while long-term believers add to their stacks,” Jordan Jefferson, Founder and CEO of Dogecoin app layer DogeOS, told Decrypt.

However, this divergence is not a cause for concern, he argued. “Supply is moving into steadier hands that care about Dogecoin’s future rather than the daily chart,” Jefferson explained.

Dogecoin ETF incoming?

This dynamic between short and long-term holders is playing out against the backdrop of several major headlines.

On August 16, Grayscale filed an S-1 for a spot Dogecoin ETF.

Though the U.S. Securities and Exchange Commission (SEC) has since delayed its decision, this move, coupled with the announcement of a Trump family-backed company acquiring a Dogecoin mining firm, has injected both institutional legitimacy and speculative hype surrounding Dogecoin.

Jefferson believes this split is a key differentiator in how retail and institutional investors process information.

“Headlines move fast, and retail speculators chase them,” he stated, noting that whales, in contrast, “see past that, recognizing that DOGE is stepping onto institutional rails while also moving into real-world applications.”

This long-term view enables large investors to capitalize on short-term price weakness to accumulate for the future.

Rather than pointing to the future downside, Jefferson argued that the capitulation and accumulation signal a healthy consolidation phase for Dogecoin.

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Nasdaq opens lower after tech stock rout, Bitcoin dips
Crypto Trends

Nasdaq opens lower after tech stock rout, Bitcoin dips

by admin August 20, 2025



Nasdaq opened lower on Wednesday as stocks looked to steady after tech stocks led a rout that had major gauges slipping ahead of Federal Reserve meeting minutes and a key economic event this week.

Summary

  • Nasdaq Composite opened lower on Wednesday, with the tech heavy index shedding 0.5% in early trades.
  • Stocks were showing weakness as investors awaited Federal Reserve’s minutes.
  • Bitcoin traded near $113,000 having fallen sharply along tech stocks.

The Dow Jones Industrial Average opened about 60 points higher and the S&P 500 hovered just below the flat line, down 0.15%. However, the tech-heavy Nasdaq Composite opened more than 0.5% lower.

Nasdaq Composite’s slight dip follows Tuesday’s bruising outing for risk assets, with broader weakness for top tech stocks, including all of the “Magnificent Seven”: Apple, Microsoft, Amazon, Google parent Alphabet, Meta, Nvidia, and Tesla.

The downswing for these companies, as well as Palantir and others, dragged Nasdaq to a -1.46% close and the S&P 500 to a -0.59% close. The impact of this across the broader market saw the sell-off spread to cryptocurrencies and other risk assets as investors scrambled for safe-haven deals.

Bitcoin (BTC), the top digital asset, fell sharply to break to lows of $112,570 – well off its recent peak above $124k. 

Corporate earnings

Overall weakness meant stocks and crypto traded lower in early deals during the U.S. session as Wall Street weighed market sentiment amid corporate earnings. 

Notably, Target shares fell 9% after the retailer’s earnings report showed further declines in sales and as the company revealed a new chief executive officer expected to take over on Feb. 1, 2026. However, Lowe’s shares gained about 3% after its earnings beat expectations.

Fed minutes on deck

Also on investors’ minds is the Federal Reserve’s minutes for its July meeting, which will shed more light on the central bank’s interest rate outlook. The week also has all eyes on Federal Reserve chair Jerome Powell, who is set to speak at the Jackson Hole symposium in Wyoming.

The event brings together economic policymakers, government officials and critical market players. Powell’s speech at the annual policy symposium comes on Friday morning, his last as he heads toward the end of his term in May 2026.

Fed’s decision to hold interest rates steady at the previous meeting has left the market, per the CME Fedwatch tool, pricing in a higher chance of a cut in September.



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'To put it bluntly, it was copying others': Former Dragon Quest producer says he left Square Enix because the developer was too focused on making 'safe' games
Gaming Gear

‘To put it bluntly, it was copying others’: Former Dragon Quest producer says he left Square Enix because the developer was too focused on making ‘safe’ games

by admin August 20, 2025



Former Dragon Quest producer Ryutaro Ichimura says he left Square Enix because the developer and publisher was too focused on making “safe” games.

In a recent episode of ReHacQ (translated by Automaton), Ichimura says he had always planned to go independent eventually, but Square Enix’s way of handling things sped that process up significantly. According to him, the publisher has been pretty focused on “safe” projects over the last several years, which he wasn’t too keen about.

He says that in comparison to current-day Square Enix, the early days of Dragon Quest were all about innovation. “In Dragon Quest 2, you had a three-person party. In Dragon Quest 3, you could change jobs. In Dragon Quest 4, party members could fight using AI,” he said. “Each entry pushed the series forward, both through the evolution of game mechanics and by leveraging the latest hardware at the time.”


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It seems as though Ichimura wasn’t fond of Dragon Quest spin-offs like Builders—a more narrative-driven Minecraft—and the Pokémon Go-inspired Dragon Quest Walk. He says Square Enix pivoted to hitting its own version of popular games to try and nail some guaranteed winners, especially as Dragon Quest’s popularity outside of Japan wasn’t as stellar as it hoped. “To put it bluntly, it was copying others,” Ichimura said.

(Image credit: Square Enix)

Automaton notes that Ichimura calls the Dragon Quest spin-offs “pakuri kikaku,” meaning copycat projects. I do feel like that’s a little harsh in the case of Dragon Quest Builders, which feels like it does enough differently from Minecraft to shake off too many comparisons.

I also feel like if anyone is taking risks with strange games right now, it’s Square Enix. Does it put any effort into marketing any of them? Hell no, but it has at least tried to push out some weirder stuff like Foamstars (which, to be fair, was very Splatoon-coded), Harvestella, and The DioField Chronicle. And lest we forget Forspoken, a game that very much had the potential to be rad if it wasn’t, well, a bit boring.

I do agree with his sentiment at large, though: bigger games are getting safer, and we’re all suffering for it. Why reinvent the wheel when there’s a perfectly good one to slap another coat of paint on and roll out to the masses?

Keep up to date with the most important stories and the best deals, as picked by the PC Gamer team.

Games are getting more expensive to make and people are increasingly less willing to risk spending the dough on potential duds that get banished to a decades-long backlog. It’s a tough situation to be in on all sides, and while I don’t entirely agree with Ichimura’s sentiment, his frustrations are certainly valid.



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Predicting NFL teams most likely to decline in 2025 season
Esports

Predicting NFL teams most likely to decline in 2025 season

by admin August 20, 2025


  • Bill BarnwellAug 19, 2025, 06:15 AM ET

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      Bill Barnwell is a senior NFL writer for ESPN.com. He analyzes football on and off the field like no one else on the planet, writing about in-season X’s and O’s, offseason transactions and so much more.

      He is the host of the Bill Barnwell Show podcast, with episodes released weekly. Barnwell joined ESPN in 2011 as a staff writer at Grantland.

I’ve been looking forward to this column for months. On Monday, I published my annual look at the five teams most likely to improve in the upcoming NFL season. In the years I’ve been writing that column, those teams have improved 31 of 38 times, or more than 81% of the time.

Each year, I also break down the teams that are most likely to decline. This column has had a virtually identical success rate; after last year, it’s 30 for 38. It went 3-2 last year, correctly pegging the Ravens (who dropped from 13-4 to 12-5), Giants (6-11 to 3-14) and Browns (11-6 to 3-14) as teams that would lose more games.

The two that defied my predictions will stick in my mind for a while. The Steelers defied the odds again, maintaining their 10-7 record. They’re responsible for two of those eight times in which a team didn’t decline, and the Steelers came within one win of doing it a third time in 2022. Spoiler: They’re not on my list below.

The other team did a little more than maintain its record from the previous season. The Eagles did not decline from their 11-6 mark in 2023. They went 14-3, then followed that by blitzing through the NFC playoffs and blowing out the Chiefs in Super Bowl LX. When I ranked the top 25 teams of the past 25 years earlier this offseason, I put the 2024 Eagles at No. 4. After their early-season bye, they were comfortably the league’s best team.

So, what did I miss? A massive improvement in their underlying level of play, driven by better players and coaching. This column uses 2024 data and underlying metrics to estimate each team’s true level of performance. Though every team makes offseason changes, history tells us the information from the previous season helps predict what will happen in the year to come.

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More: Predicting teams that will win more games

The Eagles’ changes turned out to be more impactful than almost any in recent memory. It’s rare for a team to land a player in free agency who becomes a first-team All-Pro. General manager Howie Roseman signed two — running back Saquon Barkley and linebacker Zack Baun. After cornerback was a major problem in 2023, Roseman used his first two picks in the draft on Quinyon Mitchell and Cooper DeJean. I wrote last year that rookie cornerbacks often struggle in their debut seasons, which is true, but often doesn’t mean always. Mitchell and DeJean were stars, with the Eagles morphing from one of the league’s worst defenses by EPA per play during their 2-2 start to the league’s best once DeJean entered the lineup in the slot.

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The Eagles also made strong upgrades at coordinator, as Vic Fangio and Kellen Moore were excellent. Throw in some of the league’s second-healthiest season by adjusted games lost, a 7-2 record in one-score games and the fifth-easiest schedule, and it was a special campaign.

Should I have seen that coming? Maybe. Barkley was going from what might have been the league’s worst situation for running backs to arguably its best, although the concern for him has usually been health, not ability. He was a revelation last season. Fangio and Moore had essentially been fired from their prior jobs, but Fangio was excellent with the Bears and 49ers, and the Eagles were a disaster with Matt Patricia as defensive coordinator by the end of 2023. I thought they could be better on defense but didn’t expect them to be the league’s best for most of the season. They had one of the league’s easiest projected schedules, which I shouldn’t have discounted. If you saw Baun turning into the league’s most productive linebacker, well, I suspect there are quite a few NFL teams that would like to hire you.

Of course, the Eagles were also in the decline column in 2023, when they dropped from 14-3 to 11-6 and then got blown out in the postseason. (Guess which season I heard more about on social media.) The same data that was unreliable and got Philadelphia utterly wrong in 2024 raised concerns about its health and defense and suggested it would have “10 to 12 wins” in 2023.

Being right in 2023 doesn’t make me any less wrong about 2024, but it reinforces how difficult it is to project the season ahead. The Browns and Eagles had the same record in 2023. Data is often helpful in trying to make predictions, but it’s no match for a team adding four Pro Bowl-plus players and dramatically improving its play. All I can do is tip my cap.

Jump to a team:
Chiefs | Colts
Commanders | Lions | Vikings

Record in 2024: 15-2
Point differential in 2024: plus-59
2024 record in games decided by seven or fewer points: 10-0
Projected strength of schedule, via ESPN’s FPI: Sixth toughest in NFL

Two years after the Vikings became the first team in league history to go 9-0 in games decided by seven points or fewer, the Chiefs took things a step further. Andy Reid’s team was an unprecedented 10-0 in one-score games last season. And as always, while there are situations in which a late score can make a game look closer than it actually was, the Chiefs really were getting opponents to slip on banana peels and knock themselves out at the most opportune times. Let’s relive just how narrow so many of Kansas City’s victories were:

  • In the season opener, a Lamar Jackson touchdown pass to Isaiah Likely as time expired seemed to extend the game. As the Ravens were about to line up for a two-pointer, a review found that Likely was out of bounds by half of a toenail, ending the contest.

  • The following week, the Chiefs faced a fourth-and-16 with 48 seconds left against the Bengals, only to be bailed out by a 29-yard pass interference penalty on rookie safety Daijahn Anthony. (Before the conspiracy theorists weigh in, keep in mind that a 21-yard conversion on the prior fourth-and-6 was wiped off by an illegal hands to the face penalty on Chiefs tackle Wanya Morris.) The penalty set up a game-winning field goal from 51 yards out by Harrison Butker.

  • In Week 3, defending a five-point lead in the fourth quarter, the Chiefs came up with two red zone stops on consecutive drives to stop the Falcons, including a controversial no-call on what looked to be pass interference against Kyle Pitts.

  • Six weeks later, a Baker Mayfield two-minute drill produced a touchdown pass with 30 seconds to go. Unlike the Ravens in Week 1, Tampa Bay coach Todd Bowles elected to kick an extra point and send the game to overtime, where the Chiefs won the coin toss and marched downfield for a touchdown.

  • The following week, the Broncos were in position to seal a statement victory over their divisional rivals, but Leo Chenal blocked a 35-yard field goal attempt that would have won the game for Denver, handing the Chiefs a 16-14 win.

  • In Week 12, the Panthers drove downfield for a game-tying touchdown and two-pointer, aided by a pair of pass interference penalties on Kansas City. With 1:46 to go, a Patrick Mahomes 33-yard scramble got the Chiefs into range for a short field goal to win at the buzzer.

  • In Week 13, the Chiefs somehow survived a pair of Raiders drives to hold onto a two-point lead in the fourth quarter. Daniel Carlson missed a 58-yard field goal that would have given Las Vegas the lead with 2:21 to go, and after a Kansas City three-and-out took just 14 seconds off the clock, the Raiders drove into position for another field goal, only to lose the ball on an aborted shotgun snap with 14 seconds left.

  • In Week 14, after a Cameron Dicker field goal gave the Chargers a two-point lead with 4:39 to go, Mahomes & Co. converted three consecutive third downs to drive downfield and eat up the clock. Then, a Matthew Wright field goal bounced off the uprights and in, clinching a ninth consecutive division title.

A pair of seven-point victories over the Chargers and Raiders weren’t quite as close. Maybe it’s unfair to include the Panthers game when Carolina never had the ball with a chance to tie the game or take the lead. There’s no guarantee the Buccaneers or Ravens would have converted their two-pointers, or that the Raiders or Broncos would have hit their field goals to win their respective games. Maybe it’s not fair to treat these games as some collective combination of Chiefs magic and spectacular luck.

And yet, at the same time, you really have to blindly believe to treat this as proof of a dominant team turning on the gas when it most needed it. Was it Mahomes and the offense coming up with key plays at the exact right time? Some weeks, yes. Against the Ravens, Falcons, Bucs, Panthers and Raiders, though, the Chiefs had a chance to chew up the clock and seal victories with first downs but couldn’t sustain their drives, handing the ball back to the opposing team. Most of those drives were three-and-outs.

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Was it Steve Spagnuolo’s opportunistic defense closing the door with a well-timed blitz or big play, as Kansas City did against the Bills in the AFC title game? Again, only sometimes. The Chiefs blew late leads on defense against the Bucs and Panthers and came within an inch of doing so against the Ravens. The Falcons drove twice into the red zone and were let down by a missed call in the end zone that would have given them first-and-goal on the 1-yard line. The Broncos converted three third downs to get into field goal range before the Chenal block. Las Vegas quarterback Aidan O’Connell converted five straight passes to get into field goal range before the bungled exchange. That isn’t the résumé of a great defense shutting down teams when the game’s on the line, even if the results ended up looking good for Kansas City.

Do the Chiefs have a psychic hold late in games on the rest of the league? Depends on when you look. They went 8-0 in one-score games in 2021 and 10-0 in those same contests last season. In Mahomes’ other seasons as the starter, they went 25-17 in those one-score contests with him on the field, including a 3-4 mark in 2023. That total — 43-17 — is a spectacular record in one-score games, but even treating Mahomes as an outlier relative to the rest of the league (and I’m willing to believe that possibility), 10-0 is impossibly unsustainable.

The Chiefs had the point differential of a 10.2-win team, owing in part to a 38-0 loss to the Broncos in Week 18 when Mahomes and virtually every other star took most (or all) of the game off. Remove that game and the Chiefs went 15-1 with a 10.7-win point differential. Every other 14-plus win team since 1989 had a point differential of 100 points or more, with their average point differential coming in at 190 points per 17 games. Kansas City had a point differential of plus-59.

The 2024 Chiefs finished the season with the largest gap between their actual record and Pythagorean expected record of any team since 1989, coming in just ahead of the 2022 Vikings. The 30 teams with the largest gap between those two figures over that time span declined by an average of 3.2 wins per 17 games. They went from outperforming their Pythagorean expectation by 3.2 wins to just 0.1 wins per team the following season. In other words, for the vast majority of these teams, they weren’t able to defy what history tells us about point differential for more than one season.

Could the Chiefs be the exception? Of course. Mahomes is the best quarterback of his generation. There’s significant talent on both sides of the ball, and the brain trust of Reid and Spagnuolo are back. The Chiefs spent all of last season dealing with a turnstile at left tackle, a problem they believe they’ve solved after signing Jaylon Moore and drafting Josh Simmons in Round 1. They didn’t have wideout Rashee Rice for most of the season after a knee injury in September, and Isiah Pacheco’s fractured fibula neutered the run game. They converted just under 54% of their red zone trips into touchdowns, the worst rate they have posted in a single season during the Mahomes era. As we saw with the Eagles last season, one way to defy what the numbers suggest is to massively improve your underlying level of play.

Even if the Chiefs improve on a play-by-play basis, there’s a huge gap between the team they were a year ago and what their record suggested. The left side of their line is a huge question mark between tackle and guard, where Kingsley Suamataia might settle after flaming out at tackle. They lost an underrated veteran in safety Justin Reid, who was one of the league’s best tacklers during his time in Kansas City. Rice is likely to miss time with a potential suspension, and tight end Travis Kelce took a major step backward in his age-35 season. Opposing kickers hit a league-low 81.8% of their kicks against Kansas City in 2024, including misses and blocks at the most inopportune times. Can the Chiefs really count on that again?

Of course, all of this isn’t to suggest the Chiefs will be anything short of a Super Bowl contender. They were on this very list before the 2021 season, when they fell from 14-2 to 12-5. That team came within a few yards of making it back to the Super Bowl. Twelve wins and another deep playoff run seem like a reasonable expectation for this team, too.

Record in 2024: 14-3
Point differential in 2024: plus-100
2024 record in games decided by seven or fewer points: 8-1
Projected strength of schedule, via ESPN’s FPI: Fourth toughest in NFL

After mentioning the 2022 Vikings in the Chiefs’ conversation, perhaps it’s only fitting that Minnesota returns as the next team on this list. The 2022 Vikings were one of the more obvious candidates I’ve ever seen for decline, as they went 13-4 while being outscored by three points. That team finished 28th in DVOA, suggesting they were, on a snap-by-snap basis, one of the league’s worst teams. They were immediately bounced from the playoffs at home by a Giants team that ranked 23rd by the same metric.

The 2024 Vikings were different. For one, they were much better. They went 14-3 with the league’s seventh-best DVOA. They played the ninth-toughest schedule. The 2022 Vikings were passengers on defense, with coordinator Ed Donatell fielding one of the most confusingly passive units in recent memory. The 2024 Vikings were the league’s most entertaining and perhaps its most aggressive defense, throwing everything from Cover-0 blitzes to drop-eight coverages from the same pre-snap looks and confounding opposing quarterbacks in the process.

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The Vikings went 8-1 in one-score games last season. If they had done that after the 2022 season, Kevin O’Connell would be lauded as the game management wizard of his generation. Instead, they went 4-8 in one-score games between those two seasons, and while things might have been different if Kirk Cousins had stayed healthy, four of those losses came in the first five weeks, when Cousins was on the field. O’Connell is still an excellent coach, but he’s probably not going to win 88% of his close games again.

Let’s talk about that defense. Can the Vikings keep their level of play up? While acknowledging they have a great front seven and an excellent coordinator, I’d be a little nervous. They led the league in turnovers (33) and were second in turnover rate (16.6% of opposing drives), trailing only the Bills. Defense is more difficult to sustain than offense, and successful defenses built around high turnover margins are even tougher to maintain from year to year. The Bills were able to do that between 2023 and 2024, but the other teams directly below them in turnover rate two years ago were the 49ers, Bears, Cowboys, Ravens and Saints, none of whom were able to sustain their takeaway rate in 2024. Their defenses all took a meaningful step backward.

That’s not a one-year trend, either. Looking at 2000 to 2023 and the teams that ranked in the top five in turnovers per drive — as the Vikings did a year ago — just 17% of those teams finished in the top five again the following season. Their average rank in turnover rate was 15th. Minnesota could certainly field an excellent defense again, but it probably won’t lead the league in turnovers.

Are there reasons to think the Vikings will simply field better defensive talent? I’m not sure. They were the league’s fifth-healthiest defense a year ago by adjusted games lost, per the new FTN Football Almanac, and they fielded the league’s oldest defense on a snap-weighted age basis. In fact, with the league’s fifth-oldest offense, they were the league’s oldest team on a play-by-play basis. That isn’t inherently disqualifying, but it’s a reality of where they were with their roster construction.

The Vikings were able to get very good play from three veteran cornerbacks in Byron Murphy, Stephon Gilmore and Shaq Griffin. Gilmore and Griffin are gone, so they will be younger at the position, but the players replacing the three veterans haven’t been great elsewhere. Isaiah Rodgers was buried on the depth chart in Philadelphia, while Jeff Okudah and Tavierre Thomas have bounced around the league with limited results. Minnesota is better-equipped to handle the departure of starting safety Cam Bynum, who left as part of the various free agent exchanges the Colts and Vikings made this offseason, but it’s fair to say the expectations for the secondary have to be below what Vikings fans saw last season.

They’ll try to make up for it on the front end, where they … got older by importing two new defensive tackles on the wrong side of 30. Jonathan Allen and Javon Hargrave were both stars earlier in their career, but they combined to play just 11 games last season because of injuries. Allen and Hargrave are big swings, and general manager Kwesi Adofo-Mensah has generally done excellent work in free agency, so there are reasons to be optimistic the Vikings’ front will be even more devastating than it was in 2024.

Adofo-Mensah upgraded the interior of the offensive line, too, bringing in Ryan Kelly and Will Fries from Indianapolis before using his first-round pick on guard Donovan Jackson. The interior line has been a weakness seemingly since the Steve Hutchinson days, so I can’t take any issue with the idea of upgrading those spots. In practice, they should be better than the Ed Ingrams and Garrett Bradburys of the world, but Fries is coming off a broken leg, while Kelly is 32 and hasn’t been the same player he was during his peak seasons. The Vikings also get back left tackle Christian Darrisaw after he suffered a season-ending torn ACL and MCL in midseason last year.

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Why Damien Woody trusts Kevin O’Connell

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The most notable player returning from injury is quarterback J.J. McCarthy. He’ll take over for Sam Darnold, who ranked 14th in Total QBR last season. While Darnold averaged nearly 8.0 yards per attempt in a resurgent performance, he threw 12 interceptions, fumbled eight times and took sacks on more than 8% of his dropbacks. The Vikings were tied for the fourth-most drives in the league, which inflated some of his cumulative stats, both good and bad.

One way for the Vikings and McCarthy to overcome any sort of turnover-induced dip on defense would be to simply protect the ball more reliably. They ranked 18th in turnover rate on a drive-by-drive basis, and they scored just two touchdowns across the 45 drives in which Darnold took at least one sack. They seem set to move toward more of a rotation at running back after Aaron Jones fumbled five times last season. If McCarthy protects the football and takes drive-destroying sacks less often, Minnesota could improve by avoiding negative plays more often.

The Vikings are a pretty unique team. The age of their roster and the moves they have made suggest they’re trying to win right now, but they have what essentially amounts to a rookie quarterback leading the way. And while we normally associate debuting quarterbacks with subpar teams and young rosters, McCarthy is taking over a 14-win team, something I’m not sure has ever happened in the modern era. I’m not expecting a dropoff below .500 like the one we saw in 2023, but a record more in line with their 11.1-win point differential from 2024 would make sense.

Record in 2024: 12-5
Point differential in 2024: plus-94
2024 record in games decided by seven or fewer points: 8-2
Projected strength of schedule, via ESPN’s FPI: Seventh toughest in NFL

The Commanders join the Chiefs as teams that succeeded after being on last year’s most likely to improve list but are tabbed most likely to decline this season. Washington made one of the biggest single-season leaps in recent league history, improving from four wins in 2023 to 12 last season. Then, the Commanders beat the Bucs and Lions in the playoffs before running out of steam in the NFC title game against the Eagles.

Though I was optimistic about the Commanders last season, I thought they would win around eight games and didn’t expect them to make a deep playoff run. Last season, they fixed their biggest problem from the previous season, creating turnovers. The Commanders jumped from a minus-14 turnover margin in 2023 to plus-one last season, though that mostly occurred by dramatically cutting their turnovers on offense.

I hesitated comparing last year’s Commanders with the 2023 Texans, but that turned out to be a great comp in many ways. The Texans accelerated their rebuild by surrounding a talented young quarterback who cut down on the team’s giveaways with a defensive-minded coach and one of the league’s older rosters. In 2024, though they still won the AFC South, they stagnated a bit; the offseason improvements didn’t click, there weren’t many young players (other than Will Anderson Jr. and the secondary) who became impact contributors, and they relied too much on their young quarterback to bail them out. Houston was still good, but it didn’t take the next step many expected.

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We might see the same productions from the Commanders, who fielded the league’s seventh-oldest team last season on a snap-weighted age basis, despite quarterback Jayden Daniels and cornerback Mike Sainristil being wildly impressive in their debut seasons. Getting little out of the draft picks from the Ron Rivera era, general manager Adam Peters covered up holes throughout the roster by adding a bevy of veteran free agents, similar to what Nick Caserio did in Houston. There’s nothing wrong with that philosophy. Peters should be lauded for hitting on edge rusher Dante Fowler Jr., safety Jeremy Chinn, linebacker Frankie Luvu and center Tyler Biadasz, but some of those free agents are gone, and linebacker Bobby Wagner, 35, and tight end Zach Ertz, 34, are in their mid-30s.

Peters has also made aggressive trades to add veterans, and though there’s understandable logic behind those moves, they came at a cost to the Commanders. The deal for cornerback Marshon Lattimore didn’t deliver much last season. Offensive tackle Laremy Tunsil was brought in from the Texans, and Peters made a move with his former team to acquire wideout Deebo Samuel from the 49ers. Washington had just three top-200 picks in April’s draft as a result, and it will again field one of the league’s oldest teams. That means there aren’t a ton of young players on this roster who might improve in 2025.

The Commanders need those players because they might not have the same fortune they had in 2024. They were the league’s fifth-healthiest team by adjusted games lost, ranking among the six healthiest offenses and defenses. That doesn’t include Sam Cosmi, who was Washington’s best lineman for most of 2024 before he suffered a torn ACL in the postseason. It’s unclear whether he’ll be healthy enough to start the season on the active roster.

The Commanders went 8-2 in one-score games and enjoyed more incredible moments than some teams have in a decade. That record doesn’t even include the 86-yard touchdown pass Daniels threw to Terry McLaurin with 21 seconds left against the Cowboys in a game the Commanders eventually lost by eight points. (I don’t treat eight-point margins as one-score games because teams can’t win the game on a single drive and to allow for comparisons between now and the pre-2-point conversion era. If you prefer to consider eight points as a one-score game, the Commanders went 8-4 in those contests.)

Washington’s wildest victory, of course, was decided on the Hail Mary that snatched victory away from the Bears, seemingly sending Chicago into a tailspin. That was the most dramatic of the Commanders’ narrow wins, but it wasn’t the only unlikely or impossibly close triumph:

  • In Week 2, with the score tied at 18, Malik Nabers dropped a fourth-down pass that would have given the Giants a first down with 2:04 to go. The Commanders would have had the two-minute warning and all of their timeouts to stop the Giants, but New York would have been in position to kick a field goal to take the lead, if not score a touchdown. Instead, Daniels hit Noah Brown for a 34-yard gain two plays later, and Washington kicked a game-winning field goal.

  • In Week 15, Spencer Rattler threw a touchdown pass to Foster Moreau with no time remaining, bringing the Saints within one point. Interim coach Darren Rizzi (correctly) went for two and the win, but Rattler’s pass was broken up for a Commanders victory.

  • The following week, after Daniels’ interception late in the fourth quarter of a three-point game, the Eagles were in position to close out the game. Facing a third-and-5 with 2:07 to go, a wide-open DeVonta Smith dropped a pass that would have allowed the Eagles to run the clock down within 30 seconds and drain the Commanders of their timeouts. Instead, Philadelphia kicked a field goal to go up five, and Daniels marched Washington downfield with one timeout for a game-winning touchdown.

  • In Week 17, the Commanders allowed a late touchdown drive to Michael Penix Jr. to tie the score. After a three-and-out, the Falcons drove back into field goal range for the potential winning kick, but backup kicker Riley Patterson missed a 56-yard attempt as time expired. The Commanders won the coin toss and scored a touchdown on the only drive of overtime.

  • And finally, in Week 18, Marcus Mariota ran for 33 yards on a fourth-and-1 with 33 seconds to go to extend the game against Dallas before hitting McLaurin for a touchdown pass with six seconds left, earning Washington a 23-19 victory.

Is Daniels devastating when defenses give him an opportunity to win the game in the fourth quarter or overtime? Absolutely. Was he lucky to get so many opportunities after drops by the other team and missed field goal attempts at inopportune times? Of course. And when teams scored late and made their 2-point conversions to take the lead — as the Bears did with 27 seconds left in Washington — there was even more magic waiting from the rookie sensation. It’s tough to see Daniels getting that many opportunities again, even if he’s up to the task of succeeding when he does.

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What is holding up Terry McLaurin’s contract talks with the Commanders?

Adam Schefter discusses if the Commanders can reach an agreement on Terry McLaurin’s contract.

There’s one more thing that is incredibly important to the 2024 Commanders and is unlikely to recur: what they did on fourth down. Coach Dan Quinn and offensive coordinator Kliff Kingsbury should be lauded for leaning into the strength of their team and staying aggressive on fourth down, but the results were almost unprecedented. When they needed a fourth-down conversion, Daniels came through more often than anybody could expect.

During the regular season, the Commanders went 20-of-23 on fourth downs, good for an 87% conversion clip. That was 14 percentage points better than any other team last season. ESPN has fourth-down data going back to 2000, and no team has gone for it on fourth down more than 10 times in a season and converted more often than Washington did in 2024.

The Commanders scored 115 points on drives after converting at least one fourth down, the most by any team over that span. Given how conservative teams were on fourth down before attitudes changed about analytics over the past decade, I would strongly suspect no team has scored more points from its fourth-down approach in NFL history than the 2024 Commanders.

Daniels & Co. will give opposing defenses pause on fourth downs, but asking them to convert at historically high rates is too much. That was a special season, and assuming Daniels stays healthy, the Commanders should be in the mix for a playoff berth again. But it will be something closer to a consolidation year than the next step toward greatness in the DMV.

Record in 2024: 8-9
Point differential in 2024: minus-50
2024 record in games decided by seven or fewer points: 7-4
Projected strength of schedule, via ESPN’s FPI: 13th easiest in NFL

Admit it: If you aren’t a fan of the franchise, did you know the Colts won eight games last season? With conversations about them dominated by the Anthony Richardson discussion, it feels like they were one of the league’s worst teams. In reality, they weren’t great, but they were within one game of a winning record. They had the point differential of a 7.3-win team, which means they outperformed their underlying performance by just under one victory; that’s not usually a team I would target here.

And yet, if you look at those eight wins more closely, it’s hard to feel like the Colts were on the same level with, say, the Cardinals or Falcons. The Colts beat the Steelers, but their other six wins came against teams with a combined record of 32-87. Six of their eight wins came over teams that finished with one of the 10 worst records, including a sweep over the Titans and victories over the Patriots and Jaguars. If they had swept the Jags or beaten the Giants late in the season, they could have ridden multiple wins over the league’s worst teams to a winning record.

One of the privileges of playing in the AFC South is facing relatively easy opponents annually. By my schedule metric, which considers point differential by opponents in games not involving the Colts, Indy faced the league’s fourth-easiest schedule. That’s up to only 13th this season, per FPI, but if the Jags or Titans take a step forward, the Colts might have to face a league-average slate.

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It’s not just which teams they played, but when the Colts played them and who was the opposing quarterback. Though they were dealing with their own quarterback situation each week, they avoided the opposing team’s preferred signal-caller more often than just about any other team. I track how often each team faces opposing No. 1 quarterbacks. Last season, just over 36% of pass attempts by opposing quarterbacks against Indianapolis came from QBs who likely weren’t their team’s preferred option if everybody was available. That included:

Four of the Colts’ eight wins came against backup quarterbacks, including their only two victories of the season against competitive teams. There’s no way to ensure they will face something short of their opposing team’s preferred option 35% of the time next season, and they weren’t very good against preferred starting quarterbacks.

The Colts might respond that their quarterback play will be better. It’s becoming increasingly difficult to see a path forward with Richardson. After adjusting for era, he had the worst completion percentage for any quarterback with 200 attempts or more in a season in NFL history, topping Akili Smith, Tim Tebow and Ryan Leaf. Richardson’s average pass traveled farther than any other passer last season, which helps explain some of the completion issues, but we don’t see quarterbacks miss as many receivers as he did.

Richardson led the league in yards per completion (14.4), which explains why his yards per dropback were 19th, ahead of Patrick Mahomes and Bo Nix. Richardson threw interceptions on 4.5% of his dropbacks, though, and even when factoring in his impact as a scrambler and on designed runs, Total QBR ranked him 27th in the league.

The quarterback just ahead of him in 26th? That was Daniel Jones. Though Jones might offer safer hands and a better interception rate, that comes with a lack of upside. He ranked 34th in yards per dropback last season, topping only Caleb Williams and Deshaun Watson. Jones’ 6.1 yards per attempt ranked 35th. And though Richardson’s athleticism allows him to avoid sacks, Jones has an 8.5% sack rate across six pro seasons. Sacks are better than interceptions, but they’re still drive-killers.

The other problem with this duo: Neither has a great track record for health. Richardson missed most of his rookie season because of a shoulder injury, then missed time in 2024 because of hip and back ailments (in addition to his midseason benching). He was reportedly battling shoulder soreness during OTAs before dislocating a finger on a hit earlier this preseason. It’s tough to project a full season for him, even if he were up to the challenge performance-wise.

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0:45

Holder: Tyler Warren looks ‘fantastic’ at Colts camp

Stephen Holder breaks down how Colts first-round draft pick TE Tyler Warren is looking fantastic at Colts training camp.

Unfortunately, Jones has an even bigger list of injuries. He has torn his ACL, suffered a season-ending neck injury and missed games because of multiple hamstring and ankle issues. Leaving aside his season-ending run on the bench with the Vikings, he missed 22 of 90 possible games since taking over as the starter in New York early in the 2019 season. He has completed one healthy year in six pro campaigns: 2022, which was his only above-average season as a passer.

It feels like the Colts will be cycling between quarterbacks this season because of injuries or subpar play. They’re down two starters on the offensive line after Ryan Kelly and Will Fries signed with the Vikings, with Tanor Bortolini and Matt Goncalves likely earning promotions.

The Colts can exceed expectations in two ways. One is getting better-than-expected play at quarterback. It’s possible they get the 2022 version of Jones, or that Richardson takes an enormous leap forward. But are either of those scenarios very likely? (Note: The Colts named Jones the starter on Tuesday morning.)

The other is improving their defense, where they led the league in missed tackles by a considerable margin last season. General manager Chris Ballard made some good offseason moves to address a long-suffering secondary, signing Charvarius Ward and adding Cam Bynum. Both have been above-average tacklers. Moving on from safety Julian Blackmon and linebacker E.J. Speed could be addition by subtraction, in terms of missed tackles.

Swapping out Gus Bradley for creative former Bengals defensive coordinator Lou Anarumo should also be a positive, although the veteran coordinator couldn’t coax much out of the Cincinnati defense after a run to the Super Bowl in 2021. With more starting quarterbacks on the way and questions about what the Colts can offer under center, there are too many scenarios where they struggle to make it back to eight wins.

Record in 2024: 15-2
Point differential in 2024: plus-222
2024 record in games decided by seven or fewer points: 7-2
Projected strength of schedule, via ESPN’s FPI: Second toughest in NFL

Unlike their 15-win counterparts in the AFC, the Lions have a much stronger case to be considered something close to a dominant team, at least based on how they played in the regular season. They beat teams by an average of more than 13 points per contest and had one of the 10 best point differentials per game since 1989. Six of the nine teams that finished with better point differentials than the 2024 Lions made it to the Super Bowl.

The Lions went 7-2 in one-score games, but again, they weren’t as reliant on narrow victories as the Chiefs. Detroit needed a late field goal to avoid a loss to the Vikings and kicked some more as time expired to break ties against the Texans and Packers, but they also had a handful of one-score games that looked close only because of late touchdowns in garbage time by the opposing offense.

And though the Lions were eliminated at home in a 45-31 loss to the Commanders in the divisional round, Detroit fans have a legitimate, significant excuse: Some of them were being called out of the stands to play cornerback against Jayden Daniels. The Lions were down virtually all of their significant pass rushers and multiple starting defensive backs by game’s end. Coordinator Aaron Glenn kept the defense afloat without Aidan Hutchinson and Alim McNeill by repeatedly turning the blitz meter higher and higher, but the Lions finally broke against a very good offense. They couldn’t survive turning the ball over five times with a defense in tatters.

Every year, something I hear from fans is that there’s some element of their team that can’t be worse than it was a year ago. Usually, that isn’t true. One of the few exceptions I’m considering is the health of the Detroit defense. Glenn’s unit ranked last in adjusted games lost. It was the sixth-most-injured defense of the past 25 seasons. The Lions will be healthier on defense this season, which could lead to them being better than last season.

The missing piece of information, as the FTN Football Almanac notes, is what happened on the other side of the ball. While everyone rightly noticed the Lions’ defense was an injured wreck, the Lions’ offense was spectacularly healthy. Detroit had the league’s second-healthiest offense in 2024. Depending on who you consider to be starters, its top 11 players missed just 10 games last season: Three from left tackle Taylor Decker, three more by running back David Montgomery, and one each from guard Graham Glasgow, center Frank Ragnow, tight end Sam LaPorta and guard Kevin Zeitler.

The Lions finished 25th in combined AGL; they should be healthier this season, but more injuries on offense likely will offset some of the improvements on defense. They’re already down defensive lineman Levi Onwuzurike and cornerback Ennis Rakestraw, both of whom are out for the season.

The other reason for concern about the offense looms in the middle of the line. While the Lions have great tackles in Decker and superstar Penei Sewell, the interior of their line is suddenly an obvious place for opposing teams to attack. They lost Jonah Jackson last year and replaced him with a solid veteran in Zeitler, who left for Tennessee in the offseason. Ragnow, a four-time Pro Bowler, unexpectedly retired at 29.

Now, the Lions are moving around players. They used a second-round pick on Tate Ratledge and intended to move him to center, but several days into camp, they shifted him back to guard and pushed Glasgow to center. The new starter at left guard will be Christian Mahogany, a 2024 sixth-round pick who looked promising in two spot starts last season, but that was alongside Ragnow, one of the league’s best centers. Coach Dan Campbell and general manager Brad Holmes deserve some benefit of the doubt based on their success, but it’s fair to be nervous that a line with two inexperienced starters and three players in new spots will take some time to jell, if not struggle notably.

That’s a real concern because keeping Jared Goff unbothered and free to operate within the pocket has been essential. Every quarterback gets worse under pressure, but Goff has bigger splits than any other passer. Over the past three seasons, he leads all quarterbacks in Total QBR (78.2) when opposing defenses don’t get home with pressure. When they do, his 17.6 QBR is 28th. If the Lions can’t handle interior pressure, teams will give Goff fits. Keep in mind that the Bears (Grady Jarrett) and Vikings (Javon Hargrave and Jonathan Allen) added veteran defensive tackles with pass-rush bite this offseason.

There’s also uncertainty about whether the Lions will have as many answers from their coaching staff after losing Glenn and Ben Johnson to head coaching gigs elsewhere. Campbell brought back John Morton from Denver as his offensive coordinator and promoted linebackers coach Kelvin Sheppard as the defensive coordinator. It’s admirable to see a coach promote from within, and Johnson wasn’t a household name before he emerged as the league’s hottest coordinator over the past two years, but the bar here on both sides of the ball is extremely high.

play

1:15

Why Stephen A. expects the Lions will make another deep playoff run

Stephen A. Smith explains why he would take the Lions over the Rams in the NFC this season.

The vast majority of coordinators don’t do a good enough job to earn head coaching opportunities elsewhere, especially if they haven’t been a head coach before. The 2023 Eagles are an example of a team that lost both of its coordinators, promoted from within on one side of the ball (Brian Johnson), added someone it respected on the other (Vic Fangio disciple Sean Desai) and fired both before the start of the next season. I’m not saying that’s about to happen in Detroit, but it’s only realistic to believe the Lions will struggle to get the same caliber of game planning and adjustments that Johnson and Glenn delivered weekly from a pair of relatively inexperienced coordinators.

Also, Detroit’s schedule will be tough, but that’s nothing new for the Lions; they faced the league’s sixth-toughest slate a year ago, so moving up to its second-toughest schedule shouldn’t be overwhelming. Eleven of their 17 games come against teams that made it to the playoffs in 2024, and while that can be an outdated measure of which teams could be tough by the time we get through 2025, nine of their games are against teams FPI projects to be playoff teams in 2025, a list that doesn’t include the Vikings and Steelers.

FPI is arguably more pessimistic about the Lions than I expect most people would believe. Though the model gives them the fifth-highest playoff odds, it believes Detroit has a 35% chance of missing the playoffs, likely because of the stiff competition in the division. I’d be shocked if the Lions became this year’s 49ers and missed the postseason, but I’d expect Detroit to settle back in the 12-win range after last season’s two-loss campaign.



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